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Morning Research Notes - 22.11.24
US markets closed higher yesterday, driven by gains in cyclical stocks like financials and industrials, while tech stocks lagged due to regulatory concerns affecting Alphabet. Major commodities had a broadly positive day: Spot gold rose 0.7% to $US2,669.6 per ounce, while iron ore increased 2% to $US102.2 per tonne and Brent (crude) gained 2% to $US73.3 per barrel.
Wall Street closed higher on Thursday, with the Dow Jones Industrial Average rising 461 points (1.1%), the S&P 500 gaining 0.5%, and the NASDAQ Composite edging up 0.04%. Cyclical stocks, particularly in the financial and industrial sectors, led the gains, while tech stocks lagged due to regulatory concerns impacting Alphabet. Nvidia saw a slight increase despite weak guidance, and initial jobless claims fell, indicating a potential rebound in job gains. Starbucks and Snowflake stocks rose on positive corporate news, while Baidu fell on disappointing revenue results.
The Australian stock market closed lower yesterday, with the ASX 200 falling by 0.04%. This mixed performance was reflected across major sectors, with Financials and Information Technology gaining 0.31% and 0.12% respectively. However, Materials, Healthcare, and Utilities experienced declines of 0.03%, 0.32%, and 0.19%. Commodities also saw gains, with Aluminium up by 2.75%, Copper by 1.15%, Zinc by 0.8%, and Nickel by 1.12%.
Chart of the day
The Reserve Bank of Australia (RBA) recently estimated the private credit market in Australia is worth around $40 billion in outstanding debt, or around 2½ per cent of total business debt. The RBA suggests the local private credit market has grown more rapidly than overall business debt, as the charts below show, providing an alternative source of financing for businesses.
Source: Livewire
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